This is the first part of a three-part article.
Are you new to internet marketing? If so, at some point you will ask yourself this question, “what do I promote?”
Well, I would like to cover an approach contrary to what most gurus’ recommend.
Find Your Niche Before You Find a Product
One of the biggest mistakes you can make when starting and online business is finding a product you want to sell without knowing whether you have a market to sell your product.
As a newbie, the first and logical thing you want to do is find your product; actually, the best thing to do is to first find your market, here is why?
You have a dream of building your own house, so you go out and buy your furniture, carpet, bathroom accessories along with many other items, but you don’t have a house. Now the question becomes, where you plan to put your furniture when your house hasn’t been built.
Starting an online business is just like building a house. If you start out looking for the hottest products, such as plasma flat screens, or featured electronics, you’ll soon discover a market saturated with vendors squeezing a small profit margin even smaller.
However, when you choose the right niche, not only will you start making money a lot quicker, it also increase you confidence, which you will need to weather the storms of starting an online business.
What exactly is a Niche Market?
A niche is a group of people searching the internet for a solution to their problem. What does this mean to you? You find a niche market and do one of two things if not both. Locate a product that solves the problem for your niche market, or create a product. When done this way, you become the expert that people turn to for advice.
A Small Niche Can Become A Big Business!
Let me explain. You have group of people, niche market, seeking SOLUTIONS to their PROBLEMS (notice I put an “S” on each word meaning more than one). Here is my reason why.
By focusing on serving the needs of the whole niche market, you have now put your business in the position of selling multiple products, or creating multiple products if one is not available.
Stop and think about it for a moment. Niches have multiple needs, but products do not.
Sure, you may have a small market, but one that is extremely easy to target; making it much more efficient for you to find a product, or create one.
Best of all, you have a niche that has multiple needs, and your job is to serve as a guide for your niche, helping people solve their problems.
- How to Find Your Niche In The Middle of a Haystack
- Know If Your Niche Is A Long-term Profitable Audience
- Finding Gaps to Explode Your Profit Potential
- Why Affiliate Marketers (Not Just Vendors) Need To Do Market Research
- Research Techniques That Find Gaps in Niche’s To Create Your Own Products